GBP/USD Daily Forecast – Support At 1.3460 In Sight

GBP/USD faced strong resistance near 1.3500 and pulled back towards the support level at 1.3460.British Pound Is Losing Ground Against U.S. DollarGBP/USD is moving towards the support level at 1.3460 while U.S. dollar is gaining ground against a broad basket of currencies.The U.S. Dollar Index received support near 95.75 and moved back above the 96 level. In case the U.S. Dollar Index settles above 96, it will head towards the resistance at 96.25 which will be bearish for GBP/USD.

 Technical Analysis

GBP/USD failed to settle above the resistance at 1.3500 and moved towards the support level at 1.3460. In case GBP/USD manages to settle below this level, it will head towards the next support at 1.3440.A move below the support at 1.3440 will push GBP/USD towards the support at 1.3420. If GBP/USD declines below this level, it will head towards the support level at 1.3400.

On the upside, GBP/USD needs to settle above 1.3500 to continue its upside move. The next resistance level is located at 1.3515. If GBP/USD gets above this level, it will move towards the resistance at 1.3535.A successful test of the resistance at 1.3535 will open the way to the test of the resistance at 1.3550. In case GBP/USD settles above this level, it will head towards the next resistance level which is located at 1.3575.

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